Weather kept traffic down at retailers and made for a sharp 2.5 percent fall in ICSC-Goldman's same-store sales index during the September 15 week. Other than the week's warmer temperatures, the report offers few details. The year-on-year rate also fell sharply, down more than one percentage point to plus 2.1 percent which is the lowest since late July. For the full month of September, the report is forecasting a plus 3.0 to plus 4.0 percent year-on-year gain which would be down from the 6.0 percent gain ICSC-Goldman's sample posted in August. This is a negative signal for the government's ex-auto ex-gas reading. Redbook will post its results later in the morning at 8:55 a.m. ET.
This weekly measure of comparable store sales at major retail chains, published by the International Council of Shopping Centers, is related to the general merchandise portion of retail sales. It accounts for roughly 10 percent of total retail sales.
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